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Prism Funding Round Nets $500,000

Photonics.comJan 2006
NISKAYUNA, N.Y., Jan. 24, 2006 -- Prism Solar Technologies Inc. (PST), a Niskayuna, N.Y.-based developer of holographic optics technology, received an additional $500,000 investment from Rudd-Klein Alternative Energy Ventures LLC, a New York venture capital firm, in its first-round financing of its efforts to commercialize its holographic photovoltaic (PV) technology. Rudd-Klein joins investor Counterpoint Ventures LP. PST is a private company formed as a joint venture between New York photovoltaics company Direct Global Power Inc. and Genesis Solar LLC of Tucson Ariz. Prism Solar is a manufacturer of solar modules that uses advanced holographic optics to increase the output of a solar module while reducing the number of solar cells in its modules. PST has begun prototype development of its second-generation holographic element bifacial photovoltaic (HEPVb) module technology. The prototype incorporates bifacial solar cells and will provide a reduction in the amount of silicon required in the solar module, the company said. PST's core technology is based on holographic optics, which can use a variety of PV cells and can spectrally select the desired portion of sunlight, allowing for "cooler" solar cell operation while maintaining an increased power output by concentrating specific solar wavelengths unto the cells. The company said that through passive tracking, its holographic planar concentrator technology can achieve higher output in the morning and late afternoon while reducing the amount of expensive silicon necessary in a module. Rick Lewandowski, Prism's president and CEO, said, "Prism PV modules minimize the use of expensive solar cells in our modules but still maintain above average output. It's like having the best of both "technology" worlds -- the stability of flagship crystalline cells with thin-film costs." He said the company is close to choosing a manufacturing site. For more information, visit: www.prismsolar.com